December 11, 2020
The Royal Institution of Chartered Surveyors (RICS) is a professional body promoting and enforcing the highest international standards in the valuation, management and development of land, real estate, construction and infrastructure.
RICS work at a cross-governmental level, delivering a single, international standard that will support a safe and vibrant marketplace in land, real estate, construction and infrastructure, for the benefit of all.
From time to time, RICS issues guidance notes on various topics. RICS guidance notes set out good practice for RICS members and for firms that are regulated by RICS. An RICS guidance note is a professional or personal standard for the purposes of RICS Rules of Conduct.Guidance notes constitute areas of professional, behavioural competence and/or good practice.
In March 2020, RICS issued the 2nd edition of its guidance note on the “Valuation of intellectual property rights”. This guidance note is intended to expand on the International Valuation Standards (IVS, in particular IVS 210) and RICS Valuation – Global Standards (Red Book Global Standards) in order to clarify the legal, functional and economic characteristics of IP that should be considered and reported on in an IP valuation.
In expansion to IVS 210, the RICS guidance note elaborates on the specific aspects of different subgroups of IP assets, notable brand-related IP, technology-related IP, artistic-related IP, and data-related IP.
Very useful and worth reading! Another must-have in the library of a valuation professional.